Miami, FL Entrepreneur Gets SBA Loan to Buy Rocky Mountain Chocolate Factory Franchise

Borrowing money to purchase a Rocky Mountain Chocolate Factory franchise? Cit Small Business Lending Corp has a history of making these loans and they are guaranteed by the SBA.

An entrepreneur in Miami, Florida needed money to invest in a Rocky Mountain Chocolate Factory franchise back in 2004. Cit Small Business Lending Corp issued an SBA franchise loan. Here are the details on this Florida small business loan.

SBA Loan Borrower

ROCKY MOUNTAIN CHOCOLATE FACTO
MIAMI, FL 33010

SBA Loan Lender

CIT SMALL BUSINESS LENDING CORP
1 CIT DRIVE
LIVINGSTON, NJ 07039

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

445292 - Confectionery and Nut Stores

Loan Approval Date

1/30/2004

Loan Approval Gross Amount

$272,400

Loan Approval from the SBA

Of the total $272,400 loan amount, the SBA guaranteed $204,300.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was used to buy a Rocky Mountain Chocolate Factory franchise. At the time of the loan, the company had 6 employees. The SBA loan application for the borrower indicated that the funding would help create 6 new jobs.

Getting an SBA Loan For Your Business

The Small Business Administration (SBA) provides government-guaranteed loans designed to help small businesses that may not otherwise qualify for credit get the funds they need.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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